When It Reigns It Poors, The Nero State Emergy Options Rating

[Jon Awbrey]

When It Reigns It Poors

Corporate owned financial institutions pull off the most massive corporate engineered theft of the Common Wealth in American history and the corporate owned media wring their invisible hands about the “economic downturn”. We are told that it's time for “austerity measures” and “shared sacrifice” while we stare a tidal wave of slush funds in the face that corporate lords have been stashing away for a reigny day, the day they finally bust us down to the estate of serfs and guildless peons once again.

[Herschelkrustofsky]

I hope that you won't find this post insufficiently meta-esque -- if so, feel free to thrust it down into the politics forum.

There is reason for optimism at this moment, because Marcy Kaptur, a dependably sane congresswoman from Ohio, has introduced HR 1489, which re-introduces the Glass-Steagall Act. The short description of that act is that it restores the prohibition on gambling by commercial banks, ending in turn any obligation by the government to bail out gambling debts incurred by any bank. The more meta-esque description is that it makes banks once again responsible members of the communities they serve, rather than out-of-control behemoth parasites.

Rep. Kaptur has written this "dear colleague" letter to all other members of congress:

Reinstate Glass-Steagall
Cosponsor H.R. 1489,
“The Return to Prudent Banking Act”

Dear Colleague:
I am writing to request your support for H.R. 1489, “The Return to Prudent Banking Act.” I recently reintroduced this legislation to strengthen our financial system by reinstating Glass-Steagall.
In response to the failure of thousands of banks across the country, Congress enacted the Banking Act of 1933, commonly known as Glass-Steagall, during the height of the Great Depression. This statute safeguarded the American economy for decades by legally separating commercial and investment banking. Such a common sense system provided greater security to banking deposits in commercial banks. Additionally, investment banks were only able to leverage their own funds, limiting the systemic risks of the American citizenry. For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm Leach Bliley Act unwisely completely ended this important financial regulation in 1999.

With the repeal of the Glass-Steagall Act over a decade ago, the U.S. economy was exposed to an intolerable level of risk, and the recent financial crisis was certainly exacerbated by the removal of these safeguards. I believe that we must limit the potential for future economic collapses by returning to a more prudent banking system in which banks must once again choose between investment activities or commercial lending. If you would like more information or would like to become a co-sponsor of H.R. 1489, please contact John Brodtke in my office at john.brodtke@mail.house.gov.

Sincerely,
/s
MARCY KAPTUR
Member of Congress

Don't give your congressman a moment's rest until he or she signs on as a co-sponsor.

[Jon Awbrey]

I hope that you won't find this post insufficiently meta-esque — if so, feel free to thrust it down into the politics forum.

There is reason for optimism at this moment, because Marcy Kaptur, a dependably sane congresswoman from Ohio, has introduced HR 1489, which re-introduces the Glass-Steagall Act. The short description of that act is that it restores the prohibition on gambling by commercial banks, ending in turn any obligation by the government to bail out gambling debts incurred by any bank. The more meta-esque description is that it makes banks once again responsible members of the communities they serve, rather than out-of-control behemoth parasites.

Rep. Kaptur has written this "dear colleague" letter to all other members of congress:

Reinstate Glass-Steagall
Cosponsor H.R. 1489,
“The Return to Prudent Banking Act”

Dear Colleague:
I am writing to request your support for H.R. 1489, “The Return to Prudent Banking Act.” I recently reintroduced this legislation to strengthen our financial system by reinstating Glass-Steagall.

In response to the failure of thousands of banks across the country, Congress enacted the Banking Act of 1933, commonly known as Glass-Steagall, during the height of the Great Depression. This statute safeguarded the American economy for decades by legally separating commercial and investment banking. Such a common sense system provided greater security to banking deposits in commercial banks. Additionally, investment banks were only able to leverage their own funds, limiting the systemic risks of the American citizenry. For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm Leach Bliley Act unwisely completely ended this important financial regulation in 1999.

With the repeal of the Glass-Steagall Act over a decade ago, the U.S. economy was exposed to an intolerable level of risk, and the recent financial crisis was certainly exacerbated by the removal of these safeguards. I believe that we must limit the potential for future economic collapses by returning to a more prudent banking system in which banks must once again choose between investment activities or commercial lending. If you would like more information or would like to become a co-sponsor of H.R. 1489, please contact John Brodtke in my office at john.brodtke@mail.house.gov.

Sincerely,
/s
MARCY KAPTUR
Member of Congress

Don't give your congressman a moment's rest until he or she signs on as a co-sponsor.

GovTrack.US • H.R. 1489 : Return to Prudent Banking Act of 2011

Thanks, I'll get on it — I've written my US and State Reps more this month than I've written in my entire life before this.

Jon (IMG:http://wikipediareview.com/stimg9x0b4fsr2/1/folder_post_icons/icon9.gif)

[Herschelkrustofsky]

GovTrack.US • H.R. 1489 : Return to Prudent Banking Act of 2011

Thanks, I'll get on it — I've written my US and State Reps more this month than I've written in my entire life before this.

Jon (IMG:http://wikipediareview.com/stimg9x0b4fsr2/1/folder_post_icons/icon9.gif)

Note that both John Conyers and Jesse Jackson Jr. are now co-sponsors.

[Jon Awbrey]

GovTrack.US • H.R. 1489 : Return to Prudent Banking Act of 2011

Thanks, I'll get on it — I've written my US and State Reps more this month than I've written in my entire life before this.

Jon (IMG:http://wikipediareview.com/stimg9x0b4fsr2/1/folder_post_icons/icon9.gif)

Note that both John Conyers and Jesse Jackson Jr. are now co-sponsors.

We are gearing up in Michigan to recall the Governerd and 9 State Reps —

¡Viva Michigan! Michigan Now Attempting To Recall Governor Snyder + 9 Republicans❢

In Michigan, they aren't targeting the recall ire at Senators. Instead, the organization working on the recalls has strategically targeted eight Republican Representatives it sees as vulnerable due to close election wins. The only exception is a ninth Republican Representative, Al Pscholka, who is considered the "father" of the law that expands the powers of Emergency Financial Managers. He also represents the controversial Benton Harbor, which I discuss at length below. Pscholka lives in a strong Conservative district, so the success of this recall is up in the air.

Jon (IMG:http://wikipediareview.com/stimg9x0b4fsr2/1/folder_post_icons/icon9.gif)